Live Nation chairman announces resignation

Barry Diller has reportedly announced his resignation as the chairman for events company Live Nation.

The AP reports that the move comes after a boardroom power struggle between Diller and John Malone.

Diller headed the merger between Live Nation and Ticketmaster which was finalized earlier this year.

A source confirmed to the Hollywood Reporter that Diller announced his resignation at a board meeting on Tuesday. The move will reportedly become effective from the next time the board meets.

Diller's resignation comes during a year which has seen the company's shares plummet by around 40%.

The reported clash between Diller and Malone allegedly stems from both the disproportionate stock holdings between them as well as a general dislike for one another.

However, Diller said in a statement: "I have always said, since the merger of Ticketmaster and Live Nation, that I only planned to stay as chairman through the transition and integration of the two companies.

"It’s been almost a year and I informed the board today that while there was no rush, the board should start the process now to appoint a new chairman."